A Lot of Mixed Signals at the Present - Market Moves Require Patience
SPY - 2.3.10 - Sideways Price Action just below the Pivot which actually represents Old Support which is now New Resistance.
DJX - 2.3.10 - Dow Jones Index similar to the SPY - Hovers just below the Pivot and Resistance.
MNX (Mini Nasdaq) - 2.3.10 - Very similar pattern. A Breakout above the Pivot would be Bullish and suggest a move back into the Bullish Channel that has lasted over 6 months. At the same time the new trend has been Down and Bearish. Additional weakness would confirm another leg down in the market.
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